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Rents rising in Weston, Mount Dennis.

According to the Canada Mortgage and Housing Corporation, Toronto’s apartment rental costs increased substantially between 2012 and 2017, particularly in the Weston and Mount Dennis area. The Toronto Star has used CMHC data in an interactive map which shows that Weston’s rental prices jumped nearly 18% during that time period while Mount Dennis prices increased by 27.8%.

In 2012, apartment rental averages in both neighbourhoods were roughly comparable at around the $1000 level but by 2017, rentals jumped to $1117 in Weston and $1201 in Mount Dennis. While this is still low compared to downtown where rents average over $2200, it will be of little comfort to people who come to the suburbs looking for more affordable accommodation.

The average annual rent increase over that period (thanks to the power of compound interest) seems to have been about 2.5% for Weston and 4% for Mount Dennis. Under Ontario’s rent control legislation, the average yearly rent increase over that period should have been 1.68%. Why the discrepancy? Once a tenant moves out, landlords can charge whatever the market will bear. In areas with more turnover, rents can rise rapidly if there is sufficient demand.

From the Toronto Star.

Premier Ford recently legislated the end of rent controls on all new rental buildings occupied after November 15th. He apparently believes that this will encourage more rental apartment construction. Incidentally, PC Premier Mike Harris ended rent control in 1997 claiming that a boom in rental housing construction would result.